Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

Jefferson County, Alabama Chapter 9 Petition Filed

The Jefferson County Commission announced that Jefferson County, Alabama, filed for Chapter 9 protection with the U.S. Bankruptcy Court in the Northern District of Alabama, case number 11-05736. The municipality is represented by John Patrick Darby of Bradley Arant Boult Cummings. By a majority vote, the Commission authorized the Chapter 9 filing, and Commission president, David Carrington, comments, “The County has negotiated extensively and in good faith with its creditors and their representatives about restructuring the County’s debts out-of-court. Despite the County’s best efforts, those negotiations have not produced a deal that fairly treats the County and its citizens, and there is no reason to believe that further out-of-court negotiations will lead to a fair, acceptable result.” According to documents filed with the Court, “the County’s operating cash reserves are dangerously low in the absence of legislative authorization of additional revenue sources.” In addition, “the County has passed a balanced Budget for fiscal year 2012 that not only extends the spending cuts implemented during fiscal year 2011 but also reduces the operating budgets of essentially all departments and anticipates the replacement of projected revenue shortfalls with the County’s cash reserves.” The County states that this filing follows a series of significant and unprecedented financial setbacks dating back to 2008. Most recently, the sewer system receiver “demanded that the County pay him $75 million from the County’s General Fund, which would have impaired the County’s ability to provide essential services to its citizens.”

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Turnaround Letter Stock Pick Named Top Performer of 2017

 

stock market advicex

 

What Last Year's Top Stock Pickers Are Buying in 2018

 

This Forbes write-up follows up on the recent Top Stock Tips report--naming The Turnaround Letter's Crocs recommendation the top performer of 2017: With 90% gains, CROX beat out 100 other investment ideas included in the report; and the stock continues to have value investing appeal, according to Putnam.

 

George notes, "We see additional upside for the stock in 2018 as management's efforts continue to bear fruit, though the gains will likely be more muted than we saw in 2017."